Sir Alex Ferguson has branded the 162nd Manchester derby a shootout for the title, with the Scot saying that whichever club fails to win the championship will be "tinged with regret" as a result of throwing it away.

Manchester United travel to the Etihad on Monday evening three points ahead of Manchester City conscious victory would virtually end their neighbours' challenge with only two more games remaining.

Ferguson's side have 12 away wins while City have 16 at home this season – the Premier League's best respective records – and he said: "We expect our players to come up to the mark on Monday and make sure we are offering threats to City. You have got an interesting combination of two teams. The one with the best home record and the one with the best away record. It's a shootout isn't it?

"Last year we were in the same situation with Chelsea. Had we lost they would have caught us up with better goal difference but we won. It's a similar situation but this is the derby game of all derby games. They are our nearest rivals and it makes everybody step up a notch in terms of anticipation."

City led the league for nearly seven months while United had an eight-point advantage until recently. When it was put to him that the side that fail to become champions will feel they have thrown it away, Ferguson said: "Yes, I agree with that. There will be a sense of that from both parties. If one loses they are going to be reflecting on what may have been.

"But then you look at the points totals that both teams are probably going to amass and you will see that it's championship form from both teams. But, yes, whoever loses will be tinged with regret simply because it's a derby thing."

Asked if United's 20th title and the 13th Ferguson would have won would be made sweeter for overcoming the greater finance available to City, he said: "It's down to what our fans will think and I think they would look upon it as a special one because it's against their most bitter rivals. I don't think you can get away from that. If you ask any of the fans then I know what they would say. For me, it's another league."

Ferguson was asked if the derby is more important in the current difficult economic climate. "No, not a bit," he said. "People have inherited this from grandfathers and great-grandfathers. And grandmothers. You can't change a family's traits. That's what supporters are. There was one banner recently at Rangers that said: 'I've been supporting Rangers for 139 years'. I thought he's done well! It's in the blood of these supporters and I know lots of supporters who would give everything to win this game on Monday."

Ferguson outlined how he has attempted to deal with the threat from City. "We did what we had to do last summer. We brought in the goalkeeper [David de Gea] to replace [Edwin] van der Sar. We brought in Ashley Young, who can play several positions – he has experience in terms of his time at Villa. And we brought in a potentially tremendous young player in Phil Jones," the manager said.

Ferguson reiterated the club's policy of investing in youth. "It's hard to change your way of doing things. We have been doing it for so long. After the treble year [of 1999] and the two leagues following that, the team was coming to an end. We tried to rebuild a team with young players like [Wayne] Rooney and [Cristiano] Ronaldo. It's difficult for us to change that so we will probably stick to what we are doing."

Danny Welbeck has become Rooney's first-choice strike partner and after they scored three of United's goals in the 4-4 draw with Everton on Sunday, Ferguson said: "Last week we saw something special. I know there was a lot of reference to the [Dwight] Yorke and [Andy] Cole thing [partnership] and I think there are similarities to that. I thought Welbeck's movement was fantastic. I would think over the next few years the partnership can only get better."

Uefa's financial fair play regulations will have to be adhered to next year, measures that broadly demand that clubs balance their books, and the Scot said he agreed with the principle. "There has to be a levelling out," Ferguson said. "There has to be more emphasis on what you produce – the focus on producing your own players is healthy for your supporters and your club. But how do you stop it? It's very difficult. There are always ways round things, you know. Let's just to say providing player houses in Abu Dhabi or Dubai – I don't know how you police these things to be honest with you," he said, the last comment an apparent reference to City's rich Abu Dhabi owners.

Ferguson suggested that if FPP was legally challenged its rules could be tested. "It's possible," he added. "But I think we are thinking too far ahead at the moment."